That's an agreement with no teeth, they can just shut it down without warning, and then what do you do.
If this is very important to you, then you should find a server admin that you trust, such as a friend or a fellow industry professional.
You can also use a paid instance like https://cloudisland.nz/ or set up your own using a hosted service like masto.host
The Covenant includes a commitment from server admins to give users at least 3 months of advance warning in case of shutting down